Best Trading Platform: Top Choices for Investors

Are you looking for the perfect trading platform to boost your investment strategy? With so many options out there, finding the right one can be tough. This guide will show you the top trading platforms, their main features, and costs. This will help you make a smart choice and improve your trading skills.¹

Key Takeaways

Fidelity Investments was named the best online brokerage in 2024. It was checked against 26 online brokers on 89 criteria¹.
Charles Schwab is the top pick for beginners in 2024, scoring a 4.7¹.
Interactive Brokers is the best for advanced traders, international trading, algorithmic trading, risk management, and stock trading ideas in 2024¹.
Many brokers now offer $0 commissions for stock and ETF trades, making investing easier².
Reviews and awards from top industry sources can guide you to the best platforms for your needs³.

Our Pick for Variety of User-Friendly Platforms: Charles Schwab

Charles Schwab is a top name in financial services. They offer many user-friendly trading platforms for investors⁴. These platforms include Schwab.com, Schwab Mobile, and StreetSmart Edge. They give access to Stocks/ETFs, Options, Futures/Forex, Mutual Funds, and Fixed Income investments⁴.

Key Features of Charles Schwab

Charles Schwab’s trading platforms make trading easy and fun⁴. They have lots of cool features. You can get Alerts, Screening, and a Customizable Workspace⁴. Plus, you get Level II data, Conditional Orders, and paperMoney® virtual trading⁴.

There’s also Live Financial News, Advanced Charting, and more⁴. You can check Statements/Tax Documents, see your Transaction History, and use Money Movement services⁴. Plus, there’s Third-Party Research and Chat Support for users⁴.

These features are available on desktop, web, and mobile platforms⁴. This shows Charles Schwab’s dedication to making trading easy for everyone⁴. Whether you’re trading on the go or at home, Schwab’s platforms make it simple and easy⁴.

“Schwab’s platforms offer a seamless user experience, allowing many trades to be executed before a transfer has settled into your account. The ‘SnapTicket’ feature enables quick trade placement while navigating the platform’s research and other features.”

Our Pick for Advanced Traders: Interactive Brokers

For traders who are always on the move and need a powerful platform, Interactive Brokers is our top pick⁵. It’s the Best Broker for Advanced Day Traders, offering Trader Workstation (TWS) and IBKR Desktop with lots of tools and features⁶. It suits traders at all levels, from newbies to experts, with options for stocks, options, futures, currencies, bonds, and more in over 150 markets worldwide.

Interactive Brokers is known for its low fees⁵. It has $0.00 commissions for stocks and ETFs on TWS Lite, with lower rates for high-volume traders⁵. Options are $0.65 per contract on TWS Lite, and futures are $0.85 per contract⁶. It offers many advanced order types and tools, perfect for serious traders.

⁷ Interactive Brokers has been highly rated by Barron’s, getting a 5.0-star rating in 2023, 2022, 2021, and 2020, and a 4.5-star rating before that. The ratings are for trading experience, technology, ease of use, and cost.

If you’re a day trader or a seasoned investor looking for advanced tools, Interactive Brokers is a great choice⁶. It offers a lot for different trading styles, making it a top pick for serious traders.

Our Pick for New or Intermediate Traders: Webull

Webull is a great choice for new or intermediate traders looking for a user-friendly yet powerful platform⁸. It has a simple design but still offers the advanced tools needed for quick trading decisions. This makes it perfect for investors at any skill level.

Webull is great for beginners but still has everything experienced traders need⁸. It got a top rating of 5.0 from NerdWallet, showing it’s easy to use and accessible. Plus, it doesn’t charge fees for trading stocks, options, or ETFs, saving money for investors⁸.

Why Webull is Ideal for Beginners

Webull is easy to use and has lots of educational resources, making it perfect for new or intermediate traders⁸. Its simple layout and easy navigation help users get started fast. They can quickly learn about the trading tools and features.

Webull has advanced trading tools like customizable charts and real-time data, but it doesn’t overwhelm beginners⁸. This mix of easy access and lots of features is what makes Webull special.
The platform has lots of educational stuff, like videos, webinars, and a big knowledge base⁸. This helps users of all levels improve their trading skills and make smart investment choices.
Webull’s mobile app is highly rated, with 4.7 on the App Store and 4.3 on Google Play⁹. This app makes trading easy on a mobile device, adding to the platform’s appeal for beginners.

For newcomers to investing or those wanting to improve their trading, Webull is a top choice⁸. It’s easy to use, has advanced features, and offers lots of educational resources. Webull grows with traders as they learn, showing its dedication to helping beginners.

Our Pick for Extended Trading Hours: E*TRADE

E*TRADE is a top choice for investors who want more trading time. They offer trading from 7 a.m. to 8 p.m. ET, Monday through Friday. This is one of the longest trading hours in the industry¹⁰. E*TRADE also lets clients trade ETFs 24 hours a day, including funds like the S&P 500 and Nasdaq-100¹¹.

E*TRADE’s trading platforms, like their mobile app and desktop Power E*TRADE, make it easy to trade during these long hours. This means investors can trade before the market opens, after it closes, and even at night. This helps them manage their investments better¹⁰.

Trading during extended hours can be flexible, but it comes with risks. Liquidity and volatility might be higher, leading to wider spreads and sudden price changes¹⁰. Traders need to be careful to avoid these risks.

E*TRADE stands out for its wide trading hours and easy-to-use platforms. It’s great for both active traders and long-term investors. E*TRADE’s extended hours give you chances to manage your portfolio and keep up with market trends.

Our Pick for Over-the-Counter Access: ZacksTrade

ZacksTrade is a top choice for investors wanting to tap into the over-the-counter (OTC) market. It acts as an introducing broker to Interactive Brokers, giving users access to powerful trading tools¹². Even though it has higher fees, it’s a great option for trading OTC stocks.

Key Features of ZacksTrade

ZacksTrade offers a variety of trading platforms, including three free ones: Zacks Trade Pro, the web-based Zacks Trade platform, and the Client Portal¹². Zacks Trade Pro is a favorite among active traders for its customizable layout and advanced features like over 120 technical indicators and an Options Strategy Lab.

The commission structure at ZacksTrade is straightforward. It charges one cent per share, with a minimum of $1 per trade¹². For penny stocks, the minimum is $1 or 1% of the trade value. Options trades are $1 for the first contract and 75 cents for each additional one¹². These fees might be higher, but they give access to the OTC market, which many brokers don’t offer.

ZacksTrade also stands out for its research and data. It offers over 20 free research subscriptions, including Zacks Investment Research, known for its detailed analysis and stock tips¹².

But, it’s key to look at the account minimums and fees too. ZacksTrade requires a $2,500 minimum balance¹². It also charges a $15 monthly inactivity fee for accounts under $25,000¹². Plus, it doesn’t pay interest on cash that’s not invested¹².

ZacksTrade is a solid choice for investors wanting OTC market access. It has great trading platforms, research tools, and focuses on active traders. The fees might be higher, but its features and OTC access make it a good pick for exploring over-the-counter investments¹².

Best Trading Platform for Day Trading

Fidelity, Interactive Brokers, and Charles Schwab are top picks for day trading¹³. They offer what day traders need like low fees, strong research tools, and quick order execution¹⁴.

Fidelity is known for its commission-free stocks and ETF trades¹⁴. It also has a $0.65 per contract rate for options trades¹⁴. Plus, Fidelity’s Wealth-Lab Pro gives traders 20 years of data for testing strategies¹⁴.

Interactive Brokers provides over 200 news and research services¹⁴. It has commission rates starting at $0.005 per share for its Pro plan¹⁴. The Lite plan has no commission for stocks¹⁴. High-volume traders can get over 90% off base commissions¹⁴.

Charles Schwab, after acquiring TD Ameritrade’s thinkorswim, offers a full trading experience¹³. Traders get advanced charting tools, real-time data, and an easy-to-use interface¹³.

Broker	Stock/ETF Commissions	Options Commissions	Other Features
Fidelity Investments	$0	$0.65 per contract	20 years of historical data for backtesting
Interactive Brokers	$0.005 per share (Pro plan), $0 (Lite plan)	$0.65 per contract	Over 200 news and research services, high-volume trader discount
Charles Schwab	Not specified	Not specified	Advanced charting tools, real-time market data, user-friendly interface

These three platforms are top choices for day traders¹³. They meet day traders’ needs with their features, low costs, and strong tools¹³.

Best Day Trading Apps

In the fast-paced world of day trading, having the right mobile app is key. The top apps let investors trade, analyze data, and manage their portfolios anywhere. Fidelity, Interactive Brokers, and E*TRADE are among the best choices¹⁵.

The Interactive Brokers app is a top pick for traders. It has a customizable dashboard, offers discounts for big trades, and has low fees. For IBKR Pro, it’s $0.005 per share, and for IBKR Lite, it’s free¹⁶¹⁵. E*TRADE’s app is great for casual traders. It has powerful tools and no fees for stocks, options, ETFs, and mutual funds¹⁵.

Fidelity’s app is perfect for investors and beginners. It offers a wide range of mutual funds, fractional shares, and no fees for stocks and options¹⁶¹⁵. Charles Schwab’s app suits most traders. It has both desktop and mobile options, detailed research, and educational tools. Fees are $0 for stocks and ETFs, $0.65 for options, and $2.25 for futures¹⁶¹⁵.

The Merrill Edge app is great for in-depth stock research. It offers a unique way to view stock info and works well with Bank of America¹⁵.

It’s important to know about the Pattern Day Trader (PDT) rule. This rule, set by FINRA, requires a $25,000 balance in a margin account for day trading¹⁶.

Trading App	Key Features	Fees
Interactive Brokers	Customizable dashboard, discounts for large volumes, low per-share pricing	$0.005 per share for IBKR Pro, $0 for IBKR Lite
E*TRADE	Powerful tools for investors, no commissions for stocks, options, ETFs, mutual funds	$0 for stocks, options, mutual funds, and ETFs, $0.65 for options contracts, $1 for bonds, $1.50 for futures contracts
Fidelity	Extensive mutual funds trading, fractional shares	$0 for stock trades, $0.65 per contract for options
Charles Schwab	Desktop and mobile platforms for different levels of traders, detailed research and educational data	$0 for stocks and ETFs, $0.65 per contract for options, $2.25 per contract for futures
Merrill Edge	Unique approach to presenting stock information, seamless integration with Bank of America	$0 for stocks and ETFs, $0.65 per contract for options

These top day trading apps give investors the tools to trade on the go. They help make informed decisions and take advantage of market chances¹⁵.

What to Look for in a Trading Platform

When picking a trading platform, it’s important to look for certain key features. These ensure a smooth and efficient trading experience¹⁷. Thanks to online platforms, getting into the financial markets is now easy and affordable¹⁷. There are brokers for everyone, from beginners to active traders¹⁷.

Day traders need platforms with low or no commissions, strong research tools, and quick order execution¹⁸. Some top picks include SoFi Invest, Moomoo, Public, Interactive Brokers, and Robinhood¹⁸. It’s also key to find platforms that offer paper trading. This lets traders practice with fake money before using real funds¹⁷.

For day traders, having the latest market data, customizable charts, and advanced order types is a must¹⁷¹⁹. The platform should give access to a wide range of financial instruments. This includes over 13,000 international shares, more than 80 major indices, and over 80 forex pairs¹⁹.

Feature	Importance for Day Traders
Low or No Commissions	Essential to minimize trading costs and maximize profits
Robust Research and Analytical Tools	Vital for identifying trading opportunities and managing risk
Reliable, Fast Order Execution	Crucial for capturing market movements and avoiding slippage
Paper Trading Capabilities	Allows traders to practice strategies and test ideas before risking real money
Access to Latest Market Data	Necessary for making informed trading decisions
Customizable Charting	Enables traders to visualize and analyze market trends
Advanced Order Types	Provides more flexibility and control over trade execution

When checking out a trading platform, look at the broker’s reputation, customer service, and security¹⁷. Make sure they’re a member of the Securities Investor Protection Corporation (SIPC) for insurance¹⁷. Also, check for two-factor authentication and a no-sell policy for customer info¹⁷.

By thinking about these features and needs, investors can pick a trading platform that suits them well¹⁷¹⁹¹⁸.

Best Trading Platform for Beginner Investors

Webull is a top choice for beginner traders²⁰. It has a simple design but still offers advanced trading features. This makes it perfect for those new to trading²⁰.

For beginners, Charles Schwab is also a great option. It has lots of educational tools and is easy to use²¹. Charles Schwab is rated 4.9/5 by NerdWallet, with no cost for online stock trades and no minimum account balance²¹.

Fidelity Investments is another great choice for new traders. It’s the top pick for beginners, with no minimum deposit²². Fidelity also provides excellent research tools and educational materials for beginners²².

Choosing the right trading platforms for beginners means looking for easy-to-use features, lots of learning resources, and various investment options. This helps new traders grow their skills and confidence. By picking a platform that meets their needs, beginners can start their financial journey well-equipped²¹²²²⁰.

best trading platforms for beginners

Top Brokers by Category

Choosing the best online brokerage platform is a big decision for investors. Many top brokers shine in different areas, meeting the varied needs of traders and investors. Let’s look at the best brokers in several categories to help you decide.

Fidelity Investments: Best Overall, Best for ETFs, Best for Low Costs, Best for Cash Management

Fidelity Investments is our top choice for the best online brokerage²³. It offers a wide range of investments like stocks, options, mutual funds, ETFs, and bonds at competitive prices²³. It’s great for ETF investors because it has many commission-free ETFs²³. Fidelity also has low costs, making it perfect for investors watching their expenses²³. Plus, its cash management features, like high-yield savings accounts, are excellent for managing your money²³²⁴²⁵.

Charles Schwab: Best for Beginners

Charles Schwab is ideal for beginners, with easy-to-use platforms and lots of learning resources²³. Its platforms are simple and straightforward, helping new traders get started²³. Schwab also has webinars, tutorials, and research to help investors learn and make smart choices²³²⁵.

Interactive Brokers: Best for Advanced Traders, Best for International Trading, Best for Algorithmic Trading, Best for Risk Management, Best for Generating Stock Trading Ideas

Interactive Brokers is the top choice for advanced traders, offering powerful tools and global trading options²³. It has everything experienced investors need to improve their trading and reach global markets²³. It’s great for traders who focus on managing risk, with advanced risk analysis tools²³. Plus, it lets traders use algorithmic trading strategies, perfect for sophisticated investors²³²⁴.

No matter your investment goals or experience, these top brokers have features for you. Knowing what each broker offers helps you pick the right one for your trading style and investment plan²³²⁴²⁵.

Low-Cost Trading Platforms

Online investing has seen a rise in low-cost trading platforms. These are popular with investors who want to save money²⁶. Many top brokers now offer $0 trades on stocks and ETFs, low fees for options, and more. This makes them great for those wanting to cut costs²⁶.

Brokers like Ally Invest, Fidelity Investments, and SoFi Invest stand out²⁷. They’re known for offering affordable and easy-to-use investing options. They meet the needs of many investors²⁷.

Ally Invest offers personalized portfolio management through their robo-advisor, with a minimum deposit requirement of $100²⁶.
Fidelity Investments is a leading provider of $0 commission trades for stocks, ETFs, and options, as well as no transaction fees for over 3,400 mutual funds²⁶. The firm also boasts over 100 brick-and-mortar branches across the U.S. for face-to-face support²⁶.
SoFi Invest has been recognized as the best free stock trading app for beginners, with a rating of 4.65 out of 5²⁸. The platform also offers the opportunity to receive up to $1,000 in stock when funding a new account, with a probability of 0.028%²⁸.

These platforms offer a wide range of investments, like stocks, bonds, ETFs, options, mutual funds, CDs, margin accounts, and forex trading²⁶. Even though some funds may have fees, the overall commission-free setup is great for those watching their expenses²⁶.

Platform	Key Features	Ratings
Ally Invest	$0 stock, ETF, and options trades; Robo-advisor with $100 minimum	–
Fidelity Investments	$0 stock, ETF, and options trades; Over 100 branches nationwide; Fidelity Go robo-advisor with 0.35% annual fee	Best overall free stock trading app (4.86/5); Best for index funds (4.86/5)
SoFi Invest	$0 stock trades; Up to $1,000 in free stock for new accounts; Best for beginners (4.65/5)	Best free stock trading app for beginners (4.65/5)

These platforms are great for those looking for affordability, ease of use, and variety. They suit a wide range of investors, from newbies to seasoned traders²⁶²⁸²⁷.

Mobile Trading Platforms

Today, mobile trading platforms are key for investors who need to keep up with the markets and trade on the move. These best mobile trading apps, on-the-go trading platforms, and mobile investing tools offer many features. They let traders watch real-time data, use advanced tools for charting and research, and place orders easily from their phones.

Platforms like E*TRADE, Fidelity, and Interactive Brokers lead in mobile trading. E*TRADE got 4.5 out of 5 stars for its mobile app²⁹. Fidelity scored a perfect 5.0 out of 5 stars for its full range of services²⁹. These apps have easy-to-use interfaces, powerful analytical tools, and let traders make trades easily. This helps investors stay connected and make smart choices anywhere.

Fidelity’s app gives access to many investment options like stocks, ETFs, and mutual funds, great for beginners³⁰. It also offers $0 commission for online U.S. stock and ETF trades, and no fees for fractional shares. This makes it more valuable for mobile traders²⁹.

Other top mobile trading platforms include SoFi Active Investing, Robinhood, and Webull. They’re known for their wide range of investing options, simple trading, and easy-to-use interfaces²⁹. These on-the-go trading platforms make it easy for investors to keep up with the markets. They’re great for both experienced traders and new investors.

Mobile Trading Platform	Rating	Key Features
E*TRADE	4.5/5 stars²⁹	Real-time data, advanced charting, commission-free trading²⁹
Fidelity	5.0/5 stars²⁹	Wide range of investment options, $0 commission for online U.S. stock and ETF trades, no fees to buy fractional shares²⁹
SoFi Active Investing	4.5/5 stars²⁹	Diverse investing needs, commission-free trading²⁹
Robinhood	4.5/5 stars²⁹	No-frills stock and options trading, $0 commission for stocks, ETFs, options, and cryptocurrencies²⁹³¹
Webull	4.0/5 stars²⁹	User-friendly trading platform, commission-free trading for stocks, ETFs, options, and cryptocurrencies²⁹³¹

As the financial world changes, these mobile trading platforms are key for investors who want to stay connected and make smart choices, no matter where they are. Whether you’re an expert or just starting, these on-the-go trading platforms offer a great way to navigate the markets with confidence.

Conclusion

Choosing the best online trading platforms or top investment platforms is key to your trading success. This guide has compared top trading platforms, focusing on their main features, costs, and how they suit different investors and traders³².

Think about how easy the platform is to use, the tools it offers, its trading hours, and access to over-the-counter (OTC) markets. This way, you can pick a platform that fits your investment goals and trading style. Picking the right trading platform is crucial, whether you’re experienced or new to trading³³.

This article offers valuable insights to help you make a smart choice and boost your trading success. It covers a range of trading platforms, from those for experts to those for beginners. This ensures you find the best fit for your needs³²³³³⁴.

FAQ

What are the top trading platforms and their key features?

The guide highlights the best trading platforms like Charles Schwab, Interactive Brokers, Webull, E*TRADE, and ZacksTrade. They offer easy-to-use interfaces, advanced trading tools, and access to markets beyond the usual.

What makes Charles Schwab a good choice for trading platforms?

Charles Schwab provides easy-to-use platforms like Schwab.com, Schwab Mobile, and StreetSmart Edge. These platforms make trading smooth, with features like “SnapTicket” for quick trades.

Why is Interactive Brokers recommended for advanced traders?

Interactive Brokers is great for pro traders with its Trader Workstation and IBKR Desktop. These platforms have many tools and features for skilled traders.

What makes Webull a good fit for beginner or intermediate traders?

Webull has a simple design but also offers advanced trading tools. It’s perfect for new traders, letting them start with ease and add more features as they learn.

How does E*TRADE stand out for extended trading hours?

E*TRADE has longer trading hours, offering ETF trading all day, every day, and market hours from 7am ET to 8pm ET. This is great for day traders and those trading outside regular hours.

What are the key features of the ZacksTrade platform?

ZacksTrade, linked to Interactive Brokers, has three free platforms, including Zacks Trade Pro. It has customizable layouts, advanced charts, and technical indicators, plus an Options Strategy Lab for day traders.

What are the top considerations for a successful day trading platform?

For day traders, important things include low or no fees, strong research tools, fast trade execution, paper trading, and the latest market data. Customizable charts and advanced orders are also key.

What are the best mobile trading platforms for day traders?

Top mobile apps for day traders come from E*TRADE, Fidelity, and Interactive Brokers. They give real-time data, advanced tools, and easy order execution, keeping traders connected on the move.

What are the best low-cost trading platforms?

For low-cost trading, look at Ally Invest, Fidelity Investments, and SoFi Invest. They offer

FAQ